Company directors ‘could be liable for nature risk’

Directors could be personally liable for failing to consider risks caused by a company’s impact on the natural environment amid a push for corporations to focus on a wider range of green issues beyond climate change.

“Directors of companies should at least identify the company’s nature-related dependencies and impacts, and consider the potential risks this may pose to the company. Directors who fail to consider nature-related risks could be found liable for breaching their duty of care and diligence,” says the commentary, to be published on Thursday.

He also pointed to the Taskforce on Nature-Related Financial Disclosures, a group made up of 40 executives from global financial institutions and companies, which in September finalised a framework for nature-related risk. The taskforce includes representatives from financial giants including BlackRock, Macquarie Group, HSBC, AXA and UBS.

“This is just one piece of process, and this piece is really about directors of companies and whether they have an obligation to consider the financial implications of environmental damage,” he said.

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